FONT-SIZE Plus   Neg

Chesapeake Establishes Office Of Chairman; Names Steven Dixon Acting CEO

Chesapeake Energy Corp. (CHK) said Friday that its Board of Directors has established a three-person Office of the Chairman while continuing its previously announced CEO search process with the assistance of Heidrick & Struggles.

The Office of the Chairman includes: Archie Dunham, Non-Executive Chairman of the Board; Steven Dixon, who has been named Acting Chief Executive Officer in addition to his continuing role as Chief Operating Officer; and Domenic Dell'Osso Jr., Chief Financial Officer.

As part of Chesapeake's previously announced succession plan, the members of the Office of the Chairman have been working closely to transition oversight of strategic, operational, and financial matters as well as certain day-to-day management responsibilities from Chief Executive Officer Aubrey McClendon, who has previously agreed with the Board to retire on April 1.

Chesapeake has been under scrutiny from federal regulators and investors after McClendon was found to have taken loans of more than $1 billion from private equity firm EIG Global Energy Partners LLC, using his stake in the company's drilling wells that were obtained under a controversial program.

The company, the second-largest natural gas producer in the U.S, has said that its extensive probe of alleged conflicts of interest involving McClendon has not revealed any improper conduct.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The U.S. Consumer Products Safety Commission has asked Safety 1st to recall 35,000 highchairs after several children fell and were injured. The recall covers about 35,000 wooden Safety 1st highchairs in three models: HC144BZF (Casablanca), HC229CZF (Gentle Lace) and HC229CYG (Black Lace). Safety... Ferrari, the luxury car division of Fiat Chrysler Automobiles (FCAU) is reportedly getting a much higher valuation than previously expected driven by its premium status of manufacturing high-performance luxury cars. According to reports, Ferrari expects the IPO to bring its market valuation to about... SeaWorld Entertainment Inc. (SEAS) has received another blow to its business as the California Coastal Commission banned breeding of captive killer whales in San Diego. The new law means SeaWorld won't be allowed to breed captive orcas, including through artificial insemination, at its California...
comments powered by Disqus
Trade CHK now with 
Follow RTT